Amen.

So from that point of view, whatever someone wants to allow individuals to in a free market system with all of the flaws, with the rule of law, with all the flaws, what you're talking about is meritocracy.

And how do we finance that? So that's important.

And you saw some ideas from Dell.

You saw some ideas for the 529s and for 401ks and so on.

From my point of view, tomorrow you'll be an announcement for a company called Meyers located in Akron, Ohio, like 40 million shares of a $23 stock.

I started following it because they have an auto parts distribution business.

Are you thinking right now about deals that might happen that could never even have been dreamed of in past administrations? How different is it this time around?

But you can start with this, Mario, does, does this make sense for you?

Thank you, Joe.

Good to see you all, and, uh, what a privilege to be here.

When Bob Kraft wanted to raise some money for the Pats, what he did is he sold some interest in his holdco, which meant that he didn't sell a piece of the teams.

What the Knicks and the, uh, Rangers and MSGS, Madison Square Garden Sports, announced yesterday was that they're examining under section of an IRS Code 355, not relevant, uh, that they are considering spinning off one of the, uh, the splitting up the teams.

Forbes has a value of about 13 to 14 billion for them.

We think it's, uh, clearly 11 billion, so the value per share is north of 350, but there are other options that they can pursue while they're doing this.

Go ahead

So you vote with, so you will vote

with the Ellison? No, no, no.

It's fairly uncomplicated.

Corporate lovemaking, M&A, okay? This is a book we wrote.

We wrote both books on M&A.

This was the third one written since Ivan Boski went off.

to somewhere, and basically the notion of Company A and Company B having a bidding war, come on, that's what we like as part of the free market system.

What do you think that's about?

How much are you counting on interest rates coming

down? That's not, to me, at the beginning of the year, I said a four on the T-bill and five on the 10-year.

The 10-year is coming down a little bit, but that's not relevant to me.

What's relevant to me is the notion of the geopolitical risk that we've run into every day.

OK, what's going on with the Ukraine? What's going on with Taiwan? What's going on in other parts of the world? And can we have a miscalculation? So those are the...

And then on top of that, when you think about energy, what if we have another three-mile island? Right.

And all the SMRs that are being put in neighborhoods say, oh, my gosh, maybe I made a mistake and I don't want it here.

Also, just want to talk to you about media as we start to see M&A pick up there, too.

And with gambling getting wrapped into it, does that make it more attractive?

Well...

It's an element.

I always worry about the gambling part of the business, but Nevada and Las Vegas have the culture and have the regulations in place for an extended period of time.

So I'm less concerned about that market than some other dynamics.

And regional sports betting and iGaming and so on, they're taking control of a lot of that.

So the part of the strip, the northern part, is having challenges.

Do you like prospects for stocks that you can find that can do this financial engineering because you feel like this administration is going to be more friendly? Well,

What do you think happens there?

Well, that is a great start because the notion of the tax structure in place so that now you can figure out what your expense on R&D, what your depreciation bonuses are, what your other things are.

That gives you a little more clarity.

Secondly, the notion of some of these transactions getting approved quickly.

Now, you have a new head of the Federal Communications Commission.

Carr is saying, hey, we don't want the broadcasters to go the way of the newspapers.

And he's going to be a lot quicker on making decisions.

How does that fit into what you're seeing today?

is the All-Star

Game.

And when you look last night at the Truist Stadium in Atlanta, the crowd was sellout.

And they were enthusiastic about home run hitting, the home run derby.

Tonight, the Atlanta Braves, you can buy.

You can buy one share and be a shareholder of a public company with a voting interest.

at $45, $50.

Which is, I'm looking, near record high.

Were you buyers?

We're doing it a little different.

We like to think about what's going to happen three to five years out and what are the values of a company and what are the dynamics that impact it? Yeah.

So, you know, understanding what Crane did, Crane went out and bought a business and that pro forma data helped him.

But it stepped back.

Brian, it's the defense and commercial aviation side of the world that is all of a sudden having traction.

Next week on Sunday, Monday, Tuesday in Paris, there's an air show.

down.

Did you get out? Are you finding opportunities? What's good right now? Well, that's a great

question.

That's a great question.

The old story, give a consumer what he wants, when he wants it, at a price he can afford, going back to the days of the gladiator, or when you've been on the show, Joe, for the last 40 years, or 35.

The point is...

What works? Now, clearly, I have gone to streaming because I can get what I want when I want it.

And so the company like Netflix is currently selling at a $400 billion market value.

Mario, where do you stand on the mediation that's taking place between the administration and Paramount as it relates to the possibility of this deal going through or not?

What is working?

Well, think of it a different way.

If you're a Momo and I'll go in a quant.

And in two, five years ago, you were sitting at home playing Grand Theft Auto number five, waiting for number six.

All of a sudden, Robin Hood says, once you trade stocks, you know, you become a lot short term, clearly short term volatility.

From my point of view, it's interesting, independent of that, independent of that.

What does the world look like and where are the shifts? One of the things that we have to worry about or think about is taxes.

But it's not the same share class that Kelly's talking